- The launch of the most awaited parachain slot auctions on the Kusama network has caused the KSM price to witness an advance of 38%
- KSM price jumped from a low of $344 to a high of $459 in Wednesday’s intraday session
- The KSM/BTC pair is trailing at 0.01271 BTC with a gain of 11.05% at press time
The daily technical chart of Kusama calls attention to the fact that the price is attempting to break a significant resistance level which lies at $574. The hype built by the launch of parachains is what caused the price of KSM to surge exponentially in today’s session.
However, the enormous wick of the daily candlestick triggered a sell-off as a consequence of aggressive sellers disrupting the momentum. Even though the current trend forecasts indecision, the bullish momentum is expected to carry on as evidenced by the bullish signal transpired by the Stochastic RSI.
The two critical EMAs are at the cusp of entertaining a bullish crossover. The success of which will lead to the price testing the crucial resistance which is best known for cutting the rally short.
A break above the current price level will cast an upswing of 25% in the near term. On the downside, the failure of the KSM token to sustain above the 20 EMA will cause the price to re-inspect the support of $279.
KSM is a non-minable token that has a market capitalization of $3.7 Billion which puts it in 27th place on the coinmarketcap website. The current price of KSM is $460, established on the back of a 30% increase in the past 24 hours.
KSM Price chart on the 4-hour time frame
Ever since the fatal drop, KSM price action has been carefully maintaining its sluggish momentum inside the ascending parallel channel.
While the overall trend is bullish, KSM price is struggling to breach the golden retracement of 0.618 FIB. A break from the resistance of $488 will be accompanied by a 22% rally in the near term.
Presently, the KSM price is sustaining above the central trend line. As it appears that the trend has started to exhibit exhaustion and might retest the trend line for support. Baring an overextended sell-off, KSM needs to steer clear of the 0.5 FIB retracement which lies at $416.
Apart from the bullish sentiment that lies around the Kusama market, speculators shouldn’t disregard the possibility of hidden bearish divergence.
Kusama cleared the first milestone with Kraken launching Parachain Auctions on their network.
The excitement built on the Kusama network owing to the launch of the upcoming parachain auctions keeps getting intense as the launch nears,
Kraken- one of the 10 best cryptocurrency exchanges has expressed its keen interest in supporting the launch of the parachain auctions on the Kusama network.
Kraken is best known for participating in live crypto events, which in turn improves the experience of the users. The exchange revealed in a blog post, that their users will be able to participate in the auctions directly through the exchange.
To learn more about the Parachain Auctions, Tap here
SUPPORT : $279, $416
RESISTANCE : $488, $474
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.